Breaking News

Econet lashes out at banks on mobile money

by Business reporter
11 January 2013 | 5697 Views
ECONET Wireless Zimbabwe (Econet) has lashed out at banks for proposing amendments to government's banking reforms to include mobile money service providers, saying it was a selfish attempt by a clique of individuals to frustrate its operations.




Econet owns EoCash, a mobile payments service.

In his national budget statement Finance minister Tendai Biti said banks should, effective this year, not levy fees on deposits of less than US$800 and give 4% interest on deposits of at least US$1 000 held over 30 days. He also said banks should issue debit cards for free and scrap the deposit protection fund cap.

Bankers Association of Zimbabwe (Baz) said they would, among other things, incur huge losses as a result of the legal changes given that most of their income came from tariffs. In a position paper, Baz argued mobile money services should be bound by the same regulations in order to create a level playing field while recent media reports indicate bankers are lobbying for all mobile money services to be administered by a financial institution, otherwise they become direct competition to conventional banking.

Econet has responded by saying regulators should not be swayed by selfish interests of a minority group wishing to keep ordinary people from enjoying the benefits of their mobile money technology, while offering no meaningful alternative solutions or even willing to invest anything.

"Econet is aware there is a small number of individuals, mostly associated with one foreign-owned financial institution, who have lobbied intensely both before and after the introduction of this vital (EcoCash) service yet this very same institution, motivated only by what we believe is selfishness, has never shown any inclination whatsoever in its long existence in Zimbabwe to develop services that are inclusive and serve the majority of Zimbabweans," said the country's largest mobile network provider in response to businessdigest's questions.

"The so-called complaints of a small minority of banks are reminiscent of the complaints of the then PTC management when Econet founder Strive Masiyiwa was trying to introduce cellphones in Zimbabwe. If he had not fought tenaciously, over 10 million people would today not have access to a phone."

According to the mobile phone operator's statistics, EcoCash has enabled nearly two million Zimbabweans, the majority of who did not have bank accounts, to have access to basic financial services.

Most of the EcoCash subscribers live in rural areas where there are no banking facilities, making the facility their economic life line.

Econet EcoCash Mobile money Banks

Source: theindependent

Comments

News Updates via Email

Email:

News Updates via WhatsApp

Latest News

Zanu PF Politburo update - Thousands of supporters besiege HQ

by Thobekile Zhou | 10 February 2016 | 4470 Views

We are living a luxurious life - Zanu PF legislator

by Thobekile Zhou | 10 February 2016 | 2793 Views

'Big Sister' Mujuru Dictator on the Making

by Suitable Kajau | 10 February 2016 | 1870 Views

ZiFM Stereo hits back at Jonathan Moyo -  Privately owned ZiFM St...

by Staff Reporter | 10 February 2016 | 1620 Views

Chronicle offensive cartoon similar to spirit behind Gukurahundi genoc...

by Staff Reporter | 10 February 2016 | 1337 Views

Crunch Politburo indaba on today - TODAY'S eagerly-awaited Zanu-PF Pol...

by Felex Share | 10 February 2016 | 864 Views

Welshman Ncube's political life under threat - Welshman Ncube oppositi...

by Staff reporter | 10 February 2016 | 751 Views

MDC-T MP, 11 activists acquitted - Erick Murai Highfield East MP (MDC-...

by Staff reporter | 10 February 2016 | 393 Views

MP urges Parliament to look into Mugabe's fitness - Parliament has bee...

by Staff reporter | 10 February 2016 | 858 Views

Zanu-PF showdown looms - President Robert Mugabe will today preside ov...

by Staff reporter | 10 February 2016 | 682 Views

BCC revenue up by 3% - The Bulawayo City Council (BCC)'s revenue colle...

by Staff reporter | 10 February 2016 | 336 Views

Chinamasa sues Farmers for over $1.2 million - Patrick Chinamasa Finan...

by Staff reporter | 10 February 2016 | 508 Views

My $4 500 salary is not enough, says Town Clerk - Chitungwiza town cle...

by Staff reporter | 10 February 2016 | 599 Views

Zimbabwe seeks $1.1 billion to clear World Bank arrears - Government w...

by Staff reporter | 10 February 2016 | 254 Views

Highlanders 90 years celebrations date set - HIGHLANDERS FC will launc...

by Ngqwele Dube | 10 February 2016 | 311 Views

Police impound 185 pirate taxis - POLICE in Bulawayo have impounded 18...

by Nqobile Tshili | 10 February 2016 | 536 Views

Strike doctors suspended - THE Health Service Board (HSB) has suspende...

by Whinsley Masara | 10 February 2016 | 387 Views

Zimbabwe dam water levels critical - THE country's average dam level r...

by Staff reporter | 10 February 2016 | 279 Views

Prophet Angel's warrant of arrest cancelled - SPIRIT Embassy Ministrie...

by Tendai Rupapa | 10 February 2016 | 466 Views

ZiFM denies Prof Jonathan Moyo blackout - ZiFM Stereo has refuted clai...

by Staff reporter | 10 February 2016 | 294 Views

Pupil fondling teacher fights job loss in court - A PRIMARY school tea...

by Mashudu Netsianda | 10 February 2016 | 569 Views

ZIMSEC shocker - Grades E, D now passes at O level

by Thobekile Zhou | 10 February 2016 | 4532 Views

Policemen in trouble over spot fines - ABOUT six traffic police offic...

by Nqobile Tshili | 10 February 2016 | 920 Views

'No demo against Mnangagwa' - THE Zanu-PF Women's League has dismissed...

by Pamela Shumba | 10 February 2016 | 446 Views

2015 O-Level national pass rate improves to 27% - THE November 2015 Zi...

by Auxilia Katongomara | 10 February 2016 | 589 Views

Vehicle advertising by-law controversial - Is it lawful or unlawful to...

by Vehicle advertising by-law controversial | 10 February 2016 | 519 Views

Nightclub dancer's plight: 'we are not prostitutes' - FEMALE dancers h...

by Nightclub dancer's plight: 'we are not prostitutes' | 10 February 2016 | 580 Views

A little, bitter man called Mzila Ndlovu - Thank goodness for the dram...

by Tichaona Zindoga | 10 February 2016 | 551 Views

'Tsvangirai has a penchant for ex-Rhodesians,' says Mnangagwa - ZANU-P...

by Staff Reporter | 10 February 2016 | 562 Views

Entertainment

Trevor Dongo's marriage collapses after 7 months

by Staff Reporter | 09 February 2016 | 4454 Views

1ns and 2s with DJ-Sticha - Business Advice for Aspiring Musicians

by DJ-Sticha | 08 February 2016 | 1001 Views

Double-decker bus blown up in London for 'The Foreigner'

by Staff Reporter | 07 February 2016 | 3997 Views

Every 12 hours a new artist is born into Zim's heavily contested gospel music industry

by Maxwell Teedzai Entertainment in Harare | 07 February 2016 | 1670 Views

Dog eat dog @ #NAMA2016 - THE sturdy list of nominees for the 15th edi...

by Prince Mushawevato | 07 February 2016 | 965 Views

Bulawayo Music Awards appeal for support - The Bulawayo Music Awards h...

by Stephen Jakes | 05 February 2016 | 1298 Views
iBlog

What To Look For In Video Converter Software

looking for the best video converter software? you have to compare different video converters before making a purchase.the ability to watch video on different types of devices is a wonderful thing. not so wonderful are the compatibility issues that ... Read More
Sergey 19 June 2015 ago

Mobile Spy Software Maker Mspy Hacked

mspy, the makers of a software-as-a-service product that claims to help more than two million people spy on the mobile devices of their kids and partners, to have been massively hacked. a public relations pitch from mspy to krebsonsecurity in march ... Read More
SecNews 17 May 2015 ago